Audit of trust

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2013 whether it is compulsory for the trust to make audit. if not then what are the limit for audit compulsory .pls give me answer

Ganeshbabu K

Ganeshbabu K (Expert)
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16 August 2013 1)If gross total income of trust before claiming deductions under section 11&12 exceeds Basic exemption limit then books of accounts of trust is subject to audit

2)(i)Audit report in form 10B is required to be filed online

(ii)Income tax return to be filed electronically

because of Proviso to Rule 12(2) Substitued vide income tax (seventh ammendment rules)2013

sivadas chettoor

sivadas chettoor (Expert)
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17 August 2013 The total income of the trust has to be computed as if it is not entitled to exemption. If that TI exceeds the taxable limit then audit is attracted.It is important to fix the status also.

siva208@yahoo.com